The surge of net inflows into one of the largest gold exchange-traded funds comes against a backdrop of falling cryptocurrency and stock values.One of the world’s largest gold ETFs, SPDR Gold Shares, recently recorded a net inflow of $1.63 billion, the highest since its listing in 2004, a report has said. Friday’s record inflow, which comes as stock and crypto prices have been tumbling, could be a sign that investors are becoming more bullish on gold, the report suggested.
“We find it very surprising that the gold price has failed to profit from the robust ETF inflows. This week will presumably see market participants focusing mainly on the meeting of the U.S. Fed,” Briesemann, an analyst at Commerzbank, is quoted explaining. While viewed by many as a reliable alternative store of value, gold was unable to shield holders from the effects of the U.S. Federal Reserve’s quantitative easing after its price ended 2021 nearlythan it started. In contrast, bitcoin and other cryptocurrencies ended the year with double-digit gains or more.
However, as cryptocurrencies and stocks continue to slide, some investors are once again looking at holding the precious metal. At the time of writing, gold is trading at around $1,842 per ounce, which is almost one percent higher than its December 31 price of $1,828.
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